AU, hate to say it, but it's been cleaned and probably dipped a long time ago. That's why it's still raw.
Type, I’m surprised, you seem fairly sharp. The photos are blurry (is there a CT requirement to post out-of-focus, off-white-balance photos?), but even then you can see the luster and surfaces are impaired. Detail don’t mean edited, an AU CBH should pretty well shimmer with luster. This doesn’t. And even if the white balance is off, why is it mostly a muddy brown with just a bit of sheen in the stars at right? The big clue is why isn’t ths in a holder? It’s been edited with. As a fellow collector and friend who owns the top collection of Trade Dollars has said, “Collectors over-grade coins with impaired or altered surfaces and few hits and under-grade coins with hits and original skin.” Truer numismatic words were never spoken. Here’s a big clue guys, if a coin is worth over 150 at its apparent grade and it ain’t in a holder, there’s a very serious problem with it. Several of the original founders of PCGS are my very good friends. I still discuss varipus points with them on a regular basis and one is my best numismatic and overall friend. Regardless of what you think of third-party grading, they were trying to prevent EXACTLY what is happening here - collectors purchasing over-graded problem coins as “real for the grade.” I strongly suggest that unless you can pass their grading challenges and get hired at 170K+, you purchase graded coins and learn from them. You’ll save a ton of money long term.
I’m not trying to say that this is a lustrous AU-58, but there is luster present. On circulated coins, when there is a light halo around the devices that pops when the light hits it, that indicates the presence of luster. This shows up in pictures as well. This rule of thumb has never failed me. You make it sound like there’s no exceptions.
It could also be raw because the owner wanted it raw. That's simply my preference. It has nothing at all to do with whether or not a coin has a problem. I've bought raw coins valued up to mid-four digits--not because they had problems but because their previous owner simply didn't want them in plastic. Yes, most of the coins I buy today are certified by one of the major TPGs. Not necessarily because I want them that way--I don't--but because people recognize that they can charge more for the same coin. I don't blame them. Were I in the business of buying and selling coins for profit I would want to reap the higher price they bring as well. Because I'm not in that business, though, I have probably UN-submitted a couple of hundred coins over the past 30 years--coins ranging in value from double digits that I don't think even you would believe belong in slabs to coins worth low 5 digits that admittedly even I would want certified before I bought them.
